To get started, open a Word 2010 document in which we want to create hyperlinks.
word docu
word docu

Right-click a desired word or portion of the document and select Hyperlink.
hyperlink
hyperlink

Link To Existing File Or Web Page

It will bring up Insert Hyperlink dialog, from the left sidebar select Existing File or Web Page, from right sidebar select the file for which to want to create a hyperlink, from Text to display enter text you want to display instead of a file path. Under Address, for creating hyperlink for a web page, enter webpage address. Click OK to continue.
1
1

You will see a hyperlink is created, hold Ctrl and click the link to open it.
link 1
link 1

Link Within Document

Move to Insert Hyperlink dialog and from the left sidebar select Place in This Document, from main dialog you can select Headings, Bookmarks to create hyperlink with, from Text to display enter text you want to display. Click OK to continue.
2
2

As we have linked heading in the document, thus upon click, it will lead us to specified heading.
link 2-1
link 2-1

Enhanced themes
Enhanced themes

LINK To Create New Document

Move to Insert Hyperlink dialog, from left sidebar select Create New Document, and from the main dialog enter the name of the document, under When to edit select an option and click OK.

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3

This type of link will open a new document with name specified.

new document
new document

Link To Email Address

For linking content with an email address, open Insert Hyperlink dialog, from left sidebar select E-mail Address, and from main window enter the recipient email address, under Subject write down the subject of the email message. Click OK to continue.
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4

This Link will open up Outlook compose mail window.
mail window
mail window